July 21, 2024
U.S. Lightning Product Market
Ict

Rising Adoption of Smart Agriculture to Drive Growth in the U.S. Lightning Product Market

The U.S. lightning product market comprises a wide range of products that help maximize crop yields through effective water management. These products minimize wastage of water through precision irrigation and include drip irrigation systems, sprinklers, valves, controllers among others. Drip irrigation systems in particular help deliver water directly to plant roots through a network of valves, pipes, tubing, and emitters. This method increases water efficiency by over 90% compared to other techniques like flood or spray irrigation.

The global U.S. lightning product market is estimated to be valued at US$ 255.7 Mn in 2023 and is expected to exhibit a CAGR of 18% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Key Trends:

One of the key trends witnessed in the U.S. lightning product market is the rising adoption of smart agriculture practices. Driven by the need for maximizing production amid limited arable land and water resources, farmers are increasingly integrating various smart technologies into their irrigation practices. Some of these technologies involve use of sensors, networking devices, cloud computing and control systems that help automate irrigation based on soil moisture levels and weather patterns. This significantly boosts efficiency and enables precision watering based on actual plant requirements. For instance, smart sensors can transmit real-time data on soil temperature and moisture to controllers which automatically adjust watering schedules. This contributes to higher yields while optimizing water and energy usage. The smart agriculture trend is expected to drive healthy growth of the U.S. lightning product market over the forecast period as producers seek to enhance productivity through advanced Irrigation methods.

Porter’s Analysis

Threat of new entrants: Low barrier to entry as there is less capital required, however the industry has well established key players with strong brand presence.

Bargaining power of buyers: High as buyers have options to choose from various established brands, and price is an important decision criteria.

Bargaining power of suppliers: Moderate as raw materials required are common however major brands have long term supply agreements in place.

Threat of new substitutes: Low, as lightning products have no close substitute and meet specific requirements in agricultural sector.

Competitive rivalry: High among key established players to gain market share and expand their product portfolio through continuous innovation.

Key Takeaways

The U.S. Lightning Product Market Growth is expected to witness high over the forecast period supported by increasing agricultural production and adoption of advanced irrigation systems in the country. The global U.S. lightning product market is estimated to be valued at US$ 255.7 Mn in 2023 and is expected to exhibit a CAGR of 18% over the forecast period 2023 to 2030.

North America dominates the market currently owing to large agricultural farms and technical advancements in the region. The western U.S. region accounts for the largest share currently led by states like California due to extensive cultivation of high value crops. States like Texas and Arizona are also growing rapidly in adoption of micro irrigation systems including lighting products. The mid-western region is projected to be the fastest growing market through 2030.

Key players: Key players operating in the U.S. Lightning Product Market are Elgo Irrigation Ltd., Netafim Ltd., Eurodrip SA, Jain Irrigation Systems Ltd., Hunter Industries, Inc., The Toro Company, and Rain Bird Corporation. The companies are focused on developing sustainable and automated lighting solutions to gain customers in agricultural as well as landscape segments. Most companies have significantly invested in developing smart control systems connected with IoT devices and water sensing technologies.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it